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NTU Management Review Vol. 36 No. 1 Apr. 2026

表 7 企業從事政治行動主義之其他衡量方式與創新能力
Panel A：政治行動主義：以一百萬金額作為平減衡量政治獻金多寡（單期）
PA ( 專利數 ) CITA ( 專利被引證數 )
t t+1 t+2 t+3 t t+1 t+2 t+3
(1) (2) (3) (4) (5) (6) (7) (8)
Coefficient Coefficient Coefficient Coefficient Coefficient Coefficient Coefficient Coefficient
[t-value] [t-value] [t-value] [t-value] [t-value] [t-value] [t-value] [t-value]
INTERCEPT -0.0278*** -0.0276*** -0.0279*** -0.0274*** -221.5479*** -197.0647*** -232.1958** -228.9779***
[-3.1942] [-3.0306] [-3.0383] [-3.1713] [-2.6296] [-2.7925] [-2.3949] [-2.6092]
DOS_O -0.0010*** -0.0010*** -0.0010*** -0.0010*** -6.1605*** -5.9262*** -6.9289*** -7.0677***
[-3.9185] [-3.7503] [-3.7773] [-3.9305] [-3.4987] [-3.7634] [-3.5569] [-3.9474]
DOS_O*IND -0.0018 -0.0027 -0.0039** -0.0040** -6.9531 -18.6662 -33.4412** -28.5481*
[-0.7008] [-1.3573] [-2.2779] [-2.4340] [-0.2842] [-1.4372] [-2.1531] [-1.9493]
IND -0.0014 -0.0018 -0.0016 -0.0015 7.8464 1.8177 -5.6320 -1.4791
[-0.5998] [-0.7364] [-0.6325] [-0.5904] [0.4678] [0.1163] [-0.2868] [-0.0762]
Control variables Included Included Included Included Included Included Included Included
IMR Included Included Included Included Included Included Included Included
YearFE Included Included Included Included Included Included Included Included
IndFE Included Included Included Included Included Included Included Included
Sample size 3843 3843 3843 3843 3843 3843 3843 3843
Adjust R 2 0.0582 0.0537 0.0555 0.0617 0.0363 0.0435 0.0394 0.0483
Panel B：政治行動主義：以一百萬金額作為平減衡量政治獻金多寡（連續期）
PA ( 專利數 ) CITA ( 專利被引證數 )
t~t+1 t~t+2 t~t+3 t~t+1 t~t+2 t~t+3
(1) (2) (3) (4) (5) (6)
Coefficient Coefficient Coefficient Coefficient Coefficient Coefficient
[t-value] [t-value] [t-value] [t-value] [t-value] [t-value]
INTERCEPT -0.0555*** -0.0833*** -0.1107*** -418.6126*** -650.8084*** -879.7863***
[-3.1146] [-3.1334] [-3.1910] [-2.7078] [-2.6466] [-2.6687]
DOS_O -0.0020*** -0.0031*** -0.0040*** -12.0867*** -19.0155*** -26.0833***
[-3.8395] [-3.8537] [-3.9084] [-3.6414] [-3.6735] [-3.7855]
DOS_O*IND -0.0044 -0.0083 -0.0123* -25.6193 -59.0605 -87.6086
[-1.0036] [-1.4463] [-1.7148] [-0.7096] [-1.2551] [-1.4702]
IND -0.0031 -0.0048 -0.0063 9.6641 4.0321 2.5531
[-0.6716] [-0.6595] [-0.6429] [0.2996] [0.0784] [0.0364]
Control variables Included Included Included Included Included Included
IMR Included Included Included Included Included Included
YearFE Included Included Included Included Included Included
IndFE Included Included Included Included Included Included
Sample size 3843 3843 3843 3843 3843 3843
Adjust R 2 0.0561 0.0572 0.0596 0.0399 0.0415 0.0445

Panel C：政治行動主義：政治獻金捐贈人數多寡（單期）
PA ( 專利數 ) CITA ( 專利被引證數 )
t t+1 t+2 t+3 t t+1 t+2 t+3
(1) (2) (3) (4) (5) (6) (7) (8)
Coefficient Coefficient Coefficient Coefficient Coefficient Coefficient Coefficient Coefficient
[t-value] [t-value] [t-value] [t-value] [t-value] [t-value] [t-value] [t-value]
INTERCEPT -0.0275*** -0.0273*** -0.0275*** -0.0270*** -219.5242*** -194.7590*** -229.2537** -226.1176***
[-3.1831] [-3.0168] [-3.0200] [-3.1510] [-2.6266] [-2.7823] [-2.3826] [-2.5964]
DOS_P -0.0002*** -0.0002*** -0.0002*** -0.0002*** -1.2238*** -1.1802*** -1.3649*** -1.3963***
[-3.3522] [-3.1987] [-3.2244] [-3.3647] [-3.0505] [-3.2398] [-3.1132] [-3.3991]
DOS_P*IND -0.0003** -0.0004** -0.0004** -0.0004*** -2.0976 -1.9209 -2.9842** -2.8715**

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